Back office trade support...advice

sak07 · Jun 4, 2005

Been offered a back office trading support position with top Investment Bank (very prestigious organisation). Its in their derivatives department. Basic is 36k (US). My question is do back office staff receive a bonus, and generally how much should I expect? I am keen to move into front office, but I understand how difficult this is, so would I be best working with this company for a year and going back to graduate school to do an economics, derivatives graduate course? I am happy at present to take the offer, indeed I am very proud to be working for them, but I am worried about what my career prospects for the future may be. I am 22 and need career advice!

Many Thanks

cooldude · Jun 5, 2005

Quote from sak07:

... I am 22 and need career advice!

Many Thanks

Are you good at what you do?
If you are, " you don't need no advice from nobody".

__________________
I am a dumb trader. Good, you will inherit pips.

Quiet1 · Jun 5, 2005

your resume looks better with a blue chip organisation on it. even in back office you will get a feel for what the business is about and whether front, back or middle office is somewhere you'd want to be in any case.

Q1

sak07 · Jun 5, 2005

I am prepared to work long and hard and I am a very quick learner. Im a likeable, sociable guy and I always get on with people. I am just wanting to know what my career options would be three, five or ten years down the line. Its a great organisation, just not sure if there is any chance of moving to front office operations. What happens to back office trade support staff ten years into their career? And would I recieve a bonus?

trade4succes · Jun 5, 2005

backoffice is the a*s of the organization, so expect very little. It might be better than nothing for contacts and cv though.

sak07 · Jun 5, 2005

Are you suggesting that I try and get out as quickly as possible?

trade4succes · Jun 5, 2005

you can only judge when you give it a try i suppose

Steve Tvardek · Jun 5, 2005

If you want to be a trader down the road, why waste your time now in a trade support role? Trading isnt going to get any easier and you arent going to be getting any younger. If you work for this firm in this role for say, 5 years, you will be 27 and then, if you do get into trading, most likely you wont be making any livable income for a year or so. That puts you at 28 and most likely breaking even or making a little cash. If you dedicate yourself now and put yourself through the learning process now while you have little responsibilities, you may be 25 and making some serious cash. Its really up to you and your dedication and passion for this career. If you arent all that serious and dont really know what you want to do, then this back office job may be good in the meantime until you do figure out what the next step is. I know for me, once I decided I wanted to be a trader, I wasted no more time and figured out exactly how I could put myself in the right postion.

Quote from sak07:

Been offered a back office trading support position with top Investment Bank (very prestigious organisation). Its in their derivatives department. Basic is 36k (US). My question is do back office staff receive a bonus, and generally how much should I expect? I am keen to move into front office, but I understand how difficult this is, so would I be best working with this company for a year and going back to graduate school to do an economics, derivatives graduate course? I am happy at present to take the offer, indeed I am very proud to be working for them, but I am worried about what my career prospects for the future may be. I am 22 and need career advice!

Many Thanks

sak07 · Jun 6, 2005

Thanks Steve, but the reason I am settling for a back office role is because I cannot get in to an organisation at front office. I have a good degree from a decent university but it seems that they want the very best and there are better uni's out there. I know I am a very capable and therefore hoping to impress in a back office role. Get some experience, get into work before anyone else, make sure I am shit hot at what I am doing and try to move up from there. I am thinking of staying with the company for at least 18 months and try get an assistant trading role, or desk assistant position in a smaller organisation. Either that or work for a year and go back to graduate school and try and get into a front office operation.

I want to be a trader more than anything but barriers are in my way and trade support seems the only way round them. The annoying thing is that I now I am better than many trainees getting into front office, its just they have better academics. I had an interview with a top IB for a trainee trading position and I was trying to have a conversation with a guy sat next me, also waiting for interview. It was like having a converstion with a six year old and he looked like he was going to pee himself and he didn't even look me in th eye. Though he was from Harvard and seemingly a bit of a genius, he got the job. I couldn't believe it! This guy was a joke!